How to End up with Extra Cash After Purchasing a Home

The cost to close the deal on your new Hoboken home may not seem like that much when you have just purchased a home worth hundreds of thousands of dollars. However, it would be nice to have some cash left over by saving on your closing costs.

Following are some tips to give you ideas of how to reduce the closing costs on your new home:

Be sure to shop around. Ask a mortgage broker or bank to provide a good-faith estimate, and include a detailed list of closing costs and terms.

While we are in a housing climate that favors the buyer — ask the seller to cover some or all of the closing costs.

By predicting how long you plan to live in your Hoboken home can save you money, too. If you would like to sell within three to five years it could be a good idea to keep closing costs down by choosing a zero-points loan, which would have a higher interest rate and mortgage payment, but greater up front cash savings.

Take the time to research third-party expenses involved in closing costs to avoid being overcharged.

Also, find out what your local government charges for recording your title or transfer taxes. Than you will notice ahead of time if there are any overcharges.

Be cautious of any items listed as”administrative” or “document preparation” fees. If you notice any of this be sure to question it.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.